Consolidated Balance Sheet of Aareal Bank Group Note 31 Dec 2008 31 Dec 2007 Euro mn Assets Cash funds 38 693 1,051 Loans and advances to banks 39 1,165 2,245 Loans and advances to customers 40 24,771 24,985 Allowance for credit losses 41 -232 -190 Positive market value of derivative hedging instruments 42 1,256 899 Trading assets 43 2,168 1,819 Non-current assets held for sale and discontinued operations 44 8 20 Non-trading assets 45 10,654 8,811 Investments accounted for using the equity method 46 3 92 Investment properties 47 94 10 Intangible assets 48 86 80 Property and equipment 49 96 101 Income tax assets 50 60 32 Deferred tax assets 51 135 61 Other assets 52 202 186 Total 41,159 40,202 Shareholders' equity and liabilities Liabilities to banks 53 8,977 4,953 Liabilities to customers 54 20,605 21,790 Certificated liabilities 55 6,424 7,862 Negative market value of derivative hedging instruments 56 1,313 1,128 Trading liabilities 57 649 995 Obligations from disposal groups held for sale and discontinued operations 58 ­ 0 Provisions 59 258 273 Income tax liabilities 60 21 18 Deferred tax liabilities 61 55 55 Other liabilities 62 162 183 Subordinated equity 63 1,266 1,318 Shareholders' equity 64 Subscribed capital 128 128 Capital reserves 511 511 Retained earnings 678 554 Other reserves -192 44 Minority interest 244 243 Consolidated profits 60 147 Total shareholders' equity 1,429 1,627 Total 41,159 40,202 115Aareal Bank Group ­ Annual Report 2008 | Consolidated Financial Statements | Consolidated Balance Sheet